Pharming announces first quarter financial report 2011

Biotech company Pharming Group NV ("Pharming" or "the Company") (NYSE
Euronext: PHARM) today published its financial report for the three
month period ended March 31, 2011.

FINANCIAL HIGHLIGHTS FIRST THREE MONTHS

-- Revenues of EUR0.6 million for the three month period (Ruconest
first sales recorded in December 2010)
-- Significant reduction in operating cash outflows to EUR4.5 million
(Q1 2010: EUR6.3 million)
-- Decrease in operating loss from continuing operations to EUR4.3 million
(Q1 2010: EUR5.0 million)
-- Significant decrease in net loss to EUR3.6 million
(Q1 2010: EUR7.7 million)
-- Cash at March 31, 2011 of EUR15.6 million compared to EUR10.5 million
at year end 2010

OPERATIONAL HIGHLIGHTS IN FIRST QUARTER

-- Rollout of Ruconest in Europe progressing
-- Clarity from the FDA on requirements for the US development of
Rhucin@
-- Protocol for Phase III study 1310 amended in accordance with FDA
requests and submitted
-- Continuing focus on limiting cash burn
-- Lease financing of production equipment completed, internal cost
saving exercise ongoing
-- Business development process initiated to leverage Pharming's
technology platform

Sijmen de Vries, CEO, commented: "The first three months of 2011 have
been an intense period for Pharming, as we focused on addressing the
FDA's refusal to file letter for Rhucin. Pharming is now implementing
the agreed changes in the Protocol for Study 1310. We are also
continuing to seek and evaluate new sources of value creation and
financing for the Company, including additional partnerships for our
C1 inhibitor franchise and potential deals which utilise our validated
proprietary, low cost production platform. We look forward to updating
on further progress throughout the year."

FINANCIAL HIGHLIGHTS

Pharming's revenues from license fees and product sales were EUR0.6
million in the three months to March 31, 2011, compared to nil in the
same period of 2010, resulting in the operating loss from continuing
operations decreasing to EUR4.3 million (Q1 2010: EUR5.0 million).
General and administrative costs and research and development expenses
remained broadly constant during the three month period, compared to
the corresponding period in 2010.

In the three months to March 31, 2011, the shareholders of DNage, in
which Pharming had 51% ownership, decided to voluntary liquidate DNage
and accordingly the DNage entity has been deconsolidated. This has
resulted in a one- time net profit of EUR0.6 million compared to
losses from the DNage operations of EUR1.0 million incurred during the
corresponding period in 2010. Both results have been presented as
discontinued operations in the statement of income.

In the three months to March 31, 2011, Pharming recorded a net loss of
EUR3.6 million (Q1 2010: EUR7.7 million). The net loss per share was
EUR0.01 (Q1 2010: EUR0.05). At the end of the period, the number of
shares outstanding was 461,116,470 compared to 154,501,037 at the end
of the corresponding period in 2010 and 436,261,010 shares at December
31, 2010.

In Q1 2011 the Company received an aggregate amount of EUR10.0 million
from Socius in relation to a year end 2010 receivable of EUR9.0
million plus EUR1.0 million following the exercise of all 24,339,623
warrants. Mainly due to these receipts and net operating cash outflows
of EUR4.5 million, the total cash position increased from EUR10.5
million at December 31, 2010 to EUR15.6 million at the end of Q1 2011
(Q1 2011: EUR3.3 million).

OPERATIONAL HIGHLIGHTS

The rollout of Ruconest in Europe continues and both we and our
partner, SOBI, remain confident that the launch is on track. Progress
on reimbursement has been made across Europe both at national and
regional levels.

We have received clarity from the FDA on the US development
requirements for Rhucin. The issues raised by the FDA have been
discussed and we have submitted the amended protocol for Study 1310 to
the FDA.

We continue to focus on limiting our cash burn and to date a number of
cost saving initiatives have been implemented. In Q3 2010 Pharming
signed a manufacturing agreement with Sanofi Chimie to increase the
production capacity of the drug substance of Ruconest. This will
improve the cost of goods and competitiveness of Ruconest. We recently
completed the lease financing of production equipment for this
process. In order to leverage our proprietary technology platform, a
business development process on potential new platform collaborations
has been initiated.

About Pharming Group NV

Pharming Group NV is developing innovative products for the treatment
of unmet medical needs. Ruconest (Rhucin@ in non-European
territories) is a recombinant human C1 inhibitor approved for the
treatment of angioedema attacks in patients with HAE in all 27 EU
countries plus Norway, Iceland and Liechtenstein. The product is also
under development for follow-on indications, i.e. antibody-mediated
rejection (AMR) and delayed graft function (DGF) following kidney
transplantation. The advanced technologies of the Company include
innovative platforms for the production of protein therapeutics,
technology and processes for the purification and formulation of these
products. Additional information is available on the Pharming website,
www.pharming.com (http://www.pharming.com) .

This press release contains forward looking statements that involve
known and unknown risks, uncertainties and other factors, which may
cause the actual results, performance or achievements of the Company
to be materially different from the results, performance or
achievements expressed or implied by these forward looking statements.

The full report including tables can be downloaded from the following
link: